Common use of Delegation to Subcommittees, Etc Clause in Contracts

Delegation to Subcommittees, Etc. Either the Management Committee or the Members may Approve from time to time the delegation of authority with respect to the administration or management of certain decisions or functions to subcommittees, working groups or individuals, whose authority shall be limited to the decisions or functions so delegated to them. Consistent with the limited authority so delegated to them, such subcommittees, working groups or individuals shall be considered to be Designated Managers for the purposes of this Agreement. Any such subcommittee, working group or individual, if appointed by Approval of the Management Committee, shall be subject to all limits upon the authority of the Management Committee provided for in this Agreement, including, without limitation, the limits set forth in Section 4.1(f). As of the date hereof, the Members have delegated to the Transition Team the authority to administer routine decisions related to the Company, as more fully described in Section 4.2(j).

Delegation to Subcommittees, Etc. Either the Management Committee or the Members may Approve from time to time the delegation of authority with respect to the administration or management of certain decisions or functions to subcommittees, working groups or individuals, whose authority shall be limited to the decisions or functions so delegated to them. Consistent with the limited authority so delegated to them, such subcommittees, working groups or individuals shall be considered to be Designated Managers for the purposes of this Agreement. Any such subcommittee, working group or individual, if appointed by Approval of the Management Committee, shall be subject to all limits upon the authority of the Management Committee provided for in this Agreement, including, without limitation, the limits set forth in Section 4.1(f). As of the date hereof, the Members have delegated to the Transition Team the authority to administer routine decisions related to the Company’s acquisition of the Archstone Residual Assets, as more fully described in Section 4.2(j).